The prospect of upcoming pivotal readouts from Bristol Myers Squibb (BMS) has brought a buzz amongst investors, as the company looks to usher in the next generation of “blockbuster-potential” medicines amid several impending patent expiries across its portfolio.
In a Q1 earnings call on 30 April, the New Jersey-based pharma said it was looking ahead to late-stage readouts for potential future growth drivers – including next-generation anticoagulant and potential Eliquis (apixaban) successor, milvexian, schizophrenia drug, Cobenfy (xanomeline/trospium chloride) in Alzheimer’s psychosis, and PD-1/VEGF bispecific, pumitamig, amid middle-of-the-road Q1 financial results.
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In the first quarter of the year, BMS’s total revenues grew from $11.2bn to $11.5bn year-on-year (YoY) – up 1% when accounting for currency exchanges and beating analyst consensus estimates. Meanwhile, the New Jersey-based pharma company achieved first-quarter, non-GAAP earnings per share (EPS) of $1.58 – eclipsing the $1.46 Q1 forecast put forward by William Blair analysts.
This modest growth was partially driven by revenues from BMS’s growth portfolio, which ballooned 9% to $6.2bn YoY. The company’s obstructive hypertrophic cardiomyopathy therapy, Camzyos (mavacamten) was one of the best growers, posting a 97% uptick in YoY revenues to bring in $314m in Q1.
Amid these results, BMS has reaffirmed its 2026 guidance, with total revenues expected to be between $46bn and $47.5bn.
Carrying on Eliquis’s legacy
Eliquis was once again the largest earner for BMS in Q1, with the drug’s global revenue swelling to $4.1bn in Q1 – up 16% versus the same time in 2025. However, the medicine’s looming patent expiry, which is expected in 2027, continues to pose an issue for BMS’s bottom-line.
To offset this loss of exclusivity, BMS is betting on its late-stage hopeful, milvexian – a factor Xia (FXIa) inhibitor and next-generation anticoagulant, for which analysts had questions aplenty on in the earnings call.
Currently, the drug is in two Phase III trials in atrial fibrillation (NCT05757869) and secondary stroke prevention (NCT05702034), with readouts for each expected this year. In the call, Adam Lenkowsky, executive VP and chief commercialisation officer, said the drug had “true blockbuster potential”, provided the drug demonstrates a superior bleeding profile and efficacy compared with Eliquis.
Despite the buzz around milvexian, BMS and co-developer, Johnson & Johnson (J&J), did terminate a late-stage trial on milvexian in acute coronary syndrome (ACS) due to the low likelihood of the drug meeting its primary endpoint back in November 2025. At the time, analysts theorised this could have a negative read-through to the ongoing stroke study.
Cobenfy’s slow start
Another BMS drug investors have their eyes on is schizophrenia therapy, Cobenfy. When the medicine secured approval in 2024, the company touted it as a strong growth driver amid looming patent expiry hurdles.
In Q1, the drug saw a 107% uptick in global revenue, reaching $56m and meeting consensus, though its market uptake has been slow thus far – in part due to the tentativeness of physicians to prescribe it, and issues with access to American patients via insurance.
However, BMS has more opportunities to win big with Cobenfy, as the company has several upcoming readouts involving the drug. This includes Cobenfy’s pivotal, three-trial ADEPT programme in Alzheimer’s disease psychosis, with data expected in late 2026. BMS is also eyeing bipolar-I disease, Alzheimer’s agitation and Alzheimer’s disease cognition as other potential areas of expansion for Cobenfy, with readouts expected between 2026 and 2029.
Citi analysts forecast that Cobenfy will reach sales of $2.2bn in 2030.
